Krystal Biotech agrees trade secrets settlement with PeriphaGen

Krystal Biotech (Nasdaq: KRYS), which is focussed on redosable gene therapies for rare diseases, saw its shares rise as much as 4.6% to $62.61 on Monday, as is said it has reached a binding term sheet with fellow US biotech firm PeriphaGen - and former lab partner - to resolve all claims it copied the latter’s gene therapy technology litigation filed by PeriphaGen on May 20, 2020.

Under the conditions of the term sheet, which are legally binding, Krystal will receive all of PeriphaGen’s biological materials and skin assets and will pay PeriphaGen $25 million within 10 days of the completion of a final settlement agreement. The parties are expected to enter into a final settlement agreement within 45 days of March 12, 2022.

Further financial terms